GERALDINE DAIRY FACTORY.

Temuka Leader, Issue 1506, 30 October 1886, Page 2

GERALDINE DAIRY FACTORY.

An extraordinary general meeting of the shareholders in this Company w*§ held on Monday afternoon, in the Bead Board Office, Geraldine. There were present—Messrs W. Postlethwaite, J, Mundell, J. Cnnningham, W. iShien, Woffinden, and D. McKay, Mr ColtTian, Secretary to the Company, w*! in attendance.

Mr W. Postlethwaite, Chairman of the Directors, ocoapied th«-*chair, and read the circular which had been issued convening the meeting 'as’follow* “ Geraldine Daily,Factory Company,; Limited. *« Sir,— -An extraordinary general meeting of the shareholders of above-named Company is hereby convened for the 25th day of October, 1886, at 6 o’clock, in the room of the registered office of the Company, at Geraldine, when it is intended to propose the following resolution : '• That whereas it has become necessary for the carrying on of the business of the Company that the Company should obtain an overdraft from its bankers to the extent of £2OOO, and that the Director! should give their personal guarantee to their bankers in order to obtain each overdraft, it is hereby agreed in general meeting that the Directors be authorised to give such guarantee, and .to secure themselves by mortgage on the real and personal property ot the - Company against any loss that may arise bj reason of their entering iato each guarantee, and generally to take such other steps as may be legally necessary for their protection.” The Chairman stated that in accord* ance with the wish of the shareholders expressed at the last annual meeting il was thought that the Directors of tha Company should be protected. They bad to give a guarantee to the Bank for £1550, and the £2OOO they now intended to ask for would give them a margin to work upon, fie thought the Directors were asking for: nothing more then what was done br other companies placed in a- similar pOsition—for instance, the Temuka Cheese Factory and Linseed Factory. It was the general custom throughout all these companies to give protection to the Directors. It had been thought very desirable, not only by the Directors bat by also at the annual meeting of the shareholders. The Directors had given a guarantee to the Bank, and for their protection they, asked the shareholders to give them the power to mortgage the buildings of the Company, if found necessary to do so. ~ ; j Mr Cunningham asked if" the £450 margin would give the Directors enough to work upon. The Chairman said they thought 80. The Directors were willing to risk it. Mr Cunningham said; he quite agreed that the Directors ought to have the support of the shareholders to the extent proposed. He would move adoption of the resolution., .. Mr Webster was of opinion as Mr Cunningham. He thought it was only right that the Directors should have this power. He would second the proposition. The resolution was then adopted unanimously. Mr Cunningham stated that he bad had ft conversation with several of the shareholders, and some had expressed their willingness to take np double their present number of shares. He laid upon the table the following notice : “ That at the next general meeting I will move that the shareholders be asked to increase the capital of the Company by taking up a farther number of shares.” The Chairman stated that a meeting would be held at an early date to confirm the resolution passed that Hay, and to consider Mr Cunningham’s proposition. This being all the business, the meeting terminated.